Banking Keywords by Ellen Clarke https://padlet.com/15eclarke2/Bankingkeywords Chapters 8 & 9 en-us 2018-04-18 14:43:34 UTC 2018-04-25 13:12:51 UTC hello@padlet.com Commercial Bank 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253459066 A commercial bank is a business that provides financial services to personal and business customer]]> 2018-04-19 14:48:45 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253459066 What is interest? 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253460232 As a reward for saving your money in the bank, the bank will add a small amount of money to your account each year. The amount they add is known as interest and is a percentage of the amount you have saved.]]> 2018-04-19 14:50:58 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253460232 DIRT 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253463895 Customers who earn interest on their savings must pay tax on this interest. This tax is called Deposit Interest Retention Tax (DIRT) and is taken away by the bank before the interest is added to your account]]> 2018-04-19 14:57:46 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253463895 Advantages of a savings /cash save/ deposit account 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253467432
  •  It's a convenient way of saving money.
  • You will receive interest each year on your savings.
  • You can withdraw your money very easily using automatic teller machines (ATM).
  • Your savings are completely safe.
    • ]]>     2018-04-19 15:04:08 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253467432     Current Account 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253470522 A current account is useful for customers who want to pay bills and other expenses, e.g petrol on a regular basis . In other words , it is an account where we can put money that will be transferred regularly to other people]]> 2018-04-19 15:09:52 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253470522 Advantages of a Current Account 15eclarke2 https://padlet.com/15eclarke2/Bankingkeywords/wish/253473122
  • Current account holders can use a cheque or a Laser card to pay for goods and services, which is safer and more convenient than having to pay cash.
  • You can arrange to have your wages paid directly into your account by your employer.
  • Current account holders can apply for a bank overdraft.
  • Customers can use the internet and ATM's to gain access to their current account.
    • ]]>     2018-04-19 15:13:54 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253473122     Cheque 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253614168 A cheque is a written instruction to your bank to pay a sum of money to another person from your current account.]]> 2018-04-19 19:43:36 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253614168 Types of Cheques 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253615293
  • Postdated cheque: A cheque that has a date on it that is sometime in the future. It cannot be cashed until this date has been reached.
  • Antedated cheque: A cheque that contains a date that is sometime in the past. A cheque must be cashed within six months of the date on the cheque. After six months it becomes a stale cheque
    and is no use.
  • Blank cheque: A signed cheque that has some relevant piece of information omitted, e.g. the date, amount of money.

    • ]]>     2018-04-19 19:47:03 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253615293     Dishonoured cheque 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253616329 A dishonoured cheque is a cheque that the bank refuses to cash because there is not enough money in the account.]]> 2018-04-19 19:49:31 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253616329 Stale cheque 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253616514 A stale cheque is a cheque that is more than six months old.]]> 2018-04-19 19:50:11 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253616514 Endorsed 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253617281 A cheque is endorsed when the person named on the cheque (the 
    payee) signs his or her name on the back of the cheque.
    ]]>     2018-04-19 19:52:21 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253617281     EFTPOS 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253617660 The use of Debit cards and smart cards to pay for goods and services is called electronic funds transfer at point of sale (EFTPOS).]]> 2018-04-19 19:53:17 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253617660 Direct debit 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253617965 A direct debit is where you allow a person or business to request different amounts of money to be paid out of your bank account to their bank account on a regular basis.]]> 2018-04-19 19:54:09 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253617965 Standing order 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253618275 A standing order is where you tell your bank to pay a fixed amount of money from your bank account to another bank account on a regular 
    basis.
    ]]>     2018-04-19 19:55:05 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253618275     Credit transfer 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253618629 A credit transfer is a way of paying bills by transferring money from your bank account directly into another bank account.]]> 2018-04-19 19:56:04 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253618629 Paypath 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253618828 Paypath is a system operated by most of the main banks where employers can transfer their employees’ wages directly into their bank accounts each week or month. 
    The employee still receives a payslip, but the money is lodged directly to their account
    ]]>     2018-04-19 19:56:45 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253618828     Smart card 15ecarroll https://padlet.com/15eclarke2/Bankingkeywords/wish/253619586 Smart cards are becoming popular as a means of paying for goods and services and will be used a lot more in the future. They are similar to Debit or credit cards except that the magnetic strip also contains a microchip and a memory. Smart cards are often referred to as an electronic purse because the memory in the card can be 
    loaded with an amount of cash from your current account. Every time you want to purchase goods or services, you hand in your smart card instead of cash and the amount is taken from the card electronically by the terminal installed in the retail outlet 
    – just like you would remove cash from a purse or wallet. Once the card is empty of funds, it can be inserted into an ATM where, instead of receiving cash, the machine will load the money onto the card.
    ]]>     2018-04-19 19:59:05 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/253619586     Bank Draft 15relphick https://padlet.com/15eclarke2/Bankingkeywords/wish/255207098
    Bank draft Is a convenient way of paying for expensive purchases, such as a car 
    costing €10,000. It would be unsafe to carry that amount of cash to the garage and the garage owner may refuse to accept a cheque because they are worried that there might not be enough money in your account to cover the €10,000 cost 
    MAKING PAYMENTS
    The customer buys the draft from the bank and hands over the 
    €10,000. The draft is Like a cheque and is made out to the person you want to pay the money to – in this case, the garage. The garage is guaranteed to get paid because the bank has already received the money.
    ]]>     2018-04-25 13:09:04 UTC https://padlet.com/15eclarke2/Bankingkeywords/wish/255207098